ETHLend, a decentralized peer to peer lending application built on top of the Ethereum network continues to further develop its decentralized application, meanwhile, the team has also revealed details on their upcoming pre-token sale. ETHLend introduces LEND tokens for contributors who are participating in the token sale
The main utility function of LEND is the ability to use it for paying deployment fees on ETHLend with a 25% discount compared to ETH. Additionally, ETHLend shall provide other privileges for LEND token holders based on community suggestions once the DAPP has grown into a full-scale lending market.
ETHLend is developing a global lending market where borrowers and lenders from all parts of the world can participate in lending. The aim of ETHLend is to provide a transparent and global lending market and to erase interest rate differences between countries by providing more liquidity to local lending markets. ETHLend solves key issues regarding collaterals, decentralized credit rating and exchange volatility risks, which enables the concept of decentralized lending.
The team behind ETHLend consists of 20 people who share the same purpose to deliver decentralized lending to everyone. ETHLend differs from most blockchain start-ups by the fact that the team introduced their alpha release in early May this year. Based on their practical findings, ETHLend provided a detailed White Paper on how decentralized lending could forever transform the lending industry.
ETHLend will use 5%, plus an additional 1-5% (depending on the previous year’s growth) of the application’s deployment fees to buy back LEND from the market and burn it. The idea is to buy LEND that is not used on ETHLend from the market to maintain its value. The effect is that the total supply of LEND will be decreasing over time and the percentage of the token holder’s ownership on LEND increases. Thus, ETHLend aims to deliver a strong token to the market.
The participants in the pre-token sale will receive a 20% bonus in tokens as a reward for early contribution. The funding aim concerning the pre-token sale is 2,000 ETH (6% of the total offered), which will be used for financing further research and development of the company’s decentralized lending application.
ETHLend token pre-sale details:
Starting: 25.09.2017 at 12.00 GMT
Ending: 25.10.2017 at 23.59 GMT or when the cap is reached
AMOUNT TO RAISE: 2,000 ETH
TOKENS FOR SALE: 60,000,000,LEND (6% of total sold tokens)
LEND TOKEN PRICE: 30,000 LEND = 1 ETH
(price includes 20% bonus tokens for all pre-sale participants)
Minimum amount to participate: 1 ETH
Pre-sold tokens are deducted from the 1,000,000,000 LEND sold during the official token sale. An additional 300,000,000 LEND will be granted to the founders and developers fund to compensate for the current and future efforts of ETHLend and to attract new talent on board.
Official ETHLend token sale ICO details:
Starting: 25.11.2017 at 12.00 GMT
Ending: 9.12.2017 at 23.59 GMT or when the cap is reached
AMOUNT TO RAISE: 37,600 ETH
TOKEN FOR SALE: 1,000,000,000 LEND (deducted by pre-sold tokens)
LEND TOKEN PRICE: First 200 000 000 LEND: 27,500 LEND = 1 ETH
(price includes 10% bonus tokens)
Next 100,000,000 LEND: 26,250 LEND = 1 ETH
(price includes 5% bonus tokens)
Remaining LEND: 25,000 LEND = 1 ETH
Minimum amount to participate: 0.01 ETH